Personal finance platform MoneySense has just released a new report on the cost of living across 36 major cities in Ontario, highlighting dramatic differences in the annual income required to live comfortably.
The study calculated the yearly earnings a single renter would need to cover essentials like housing, food, transportation, and entertainment — along with taxes, savings, and a small buffer. The results may surprise you.
Ontario’s Most Expensive Cities
At the top of the list is Richmond Hill, where you’d need an income of $106,536 per year to live “comfortably.” Close behind are Milton and Whitby. Toronto doesn’t claim the #1 spot but still ranks as the fifth most expensive city in Ontario, requiring nearly $98,880 annually.
Other GTA cities such as Mississauga, Markham, and Vaughan also top $90,000 a year, showing just how costly life in this region can be.
Mid-Tier Options
Cities like Ottawa, Hamilton, Waterloo, and London strike more of a balance, with annual income needs ranging from $84,700 to $91,400. These spots offer a middle ground between affordability and access to jobs and services.
The Most Affordable Cities
For those looking to stretch their dollars further, the cheapest cities in Ontario include:
- Sault Ste. Marie – $72,744
- Sarnia – $74,208
- Brantford – $80,064
- Greater Sudbury – $81,480
That’s a gap of more than $33,000 a year compared to Richmond Hill — a huge difference for anyone thinking seriously about their finances.
A Reality Check from MoneySense
The report also points out that even full-time minimum wage workers would struggle to get by in Ontario’s priciest cities, underscoring how critical it is to choose where you live wisely.
In short, where you live in Ontario has a massive impact on your spending power. Leaving the GTA could mean not just a more affordable lifestyle, but also greater financial security and peace of mind.
